The first name that comes on mind when life insurance policies are being discussed is Life Insurance Corporation of India (LIC). This is the only state-owned life insurance company in the country, besides Exide Life. The company headquarter is located in Mumbai. The approximated asset value of the company is around 1560482 Crore, earning it the title of the biggest insurance provider in India. The company’s estimated life fund is Rs. 1433103.14 Crore, as of 2013 with total amount of insurance plans sold of Rs. 367.82 Lakhs for that year.
Life Insurance Corporation of India came into existence in the year 1956 after the approval of the Parliament of India, under Life Insurance of India Act. This nationalized the insurance (private) sector in the country and more than 245 insurance service providers as well as provident societies amalgamated to form the very first state owned LIC. Since then, the company is serving its clients with a number of insurance products.